African Financial Technology Company Kudi, Nomba becomes omnichannel payment platform Nomba. It provides tools for businesses to grow.
The company now offers a wide range of services that make it easy for businesses to accept, process, and manage online and offline payments.
These tools will open up new opportunities for businesses of all sizes in Africa and allow them to optimise their operations.
The timing couldn’t have been better. According to the Small and Medium Enterprises Development Agency of Nigeria, (SMEDAN), Nigeria’s National Survey, small businesses account for 86 per cent of Nigeria’s total workforce. They own 41 million micro-businesses and 73,000 medium and small enterprises.
However, payment in Nigeria’s retail sector is largely done offline. Over 25 million merchants have yet to accept digital payments. Many retailers that accept digital payment do not have an integrated platform to allow them to seamlessly manage their business from multiple locations and touch points.
Businesses rely heavily on traditional financial service providers that do not offer the services they need. This platform can provide all the services you need to make your business run more smoothly.
Nomba lets underserved as well as full-fledged business order an integrated terminal and dashboard to manage all their payments, in cash, cards or USSD.
Nomba will increase the penetration of its POS terminals throughout the country over the next six month. This will give more businesses the technology to monitor all transactions, no matter if they are a small business or large corporation. Nomba plans to expand its product lines into payroll management, invoicing and other tools that increase productivity for businesses.
To accelerate this expansion, two new key executives have been appointed by the fintech: Jeffrey Williams as Vice-President, Business and Toluwani Ajogun as Vice-President Brand, Marketing and Communications.
Harnessing their experience and expertise, Nomba, will accelerate its expansion across the country ensuring that over 350,000 businesses are equipped with all the tools required to run their businesses seamlessly, by the end of the year.
As VP, Brand Marketing and Communications, Toluwani Ijogun will be responsible for brand strategy, including all consumer, business-to-business and partner marketing activities that advance the company’s goals. She will also be responsible for all communications and insights, marketing capabilities and analytics.
Toluwani brings with her over 15 years experience managing premium brands such as Guaranty Trust Bank; GlaxoSmithKline Consumer Plc; Philips across West Africa; Eat N’ Go (owners of Domino’s Pizza and Coldstone Creamery franchise in Nigeria); FSDH Group and most recently as Senior Vice President: Brand and Marketing for Kuda Bank where she played a pivotal role in the company’s growth in the Nigerian market.
Jeffrey Williams-Edem has over 18 years experience in business development, sales, merchant acquisition, and digital payments. He is a multi-industry veteran.
Nomba welcomes him as Vice President, Business. He comes from Interswitch, where his key role was in the design and implementation of their first retail strategy for the Nigerian market.
Jeffrey will take over the management of Nomba’s business, ensuring that Kudi is successful in her transition. He will be responsible for overseeing sales, business operations, as well as the development and production of new products.
“Since our launch in 2017, our technology and insights have enabled merchants to earn and build successful businesses, transforming their own lives and that of others. Today, the combination of complementary regulatory frameworks and well-planned partnerships with financial institutions has created an enabling environment for fintechs, allowing them to chart the future payment system. Over the next five years, we will be leveraging these factors, as well as the experience and expertise Jeff and Tolu bring to deepen the penetration of digital payment solutions across the country, making payments easier for everyone,” said Yinka Adewale, Chief Executive Officer, Nomba.
Nomba’s journey began in 2017 with a chatbot to facilitate payments. It grew into a company with POS technology and partnerships with banks and other licensed financial institution that democratized access for merchants in Nigeria to banking products. It also offers core banking solutions like opening savings accounts or loans.
Listed as a YCombinator Top Company for 2022, more than 150,000 businesses are currently able to perform card, cash, and bank transfer transactions on their behalf and their own businesses through the Nomba platform.
Nomba processes more than $16 million in transactions daily and has an average onboarding rate exceeding 10,000 businesses per month.